Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 05, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | ORMAT TECHNOLOGIES, INC. | |
Entity Central Index Key | 1,296,445 | |
Trading Symbol | ora | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 50,597,124 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | |
Current assets: | |||
Cash and cash equivalents | $ 77,212 | $ 230,214 | |
Restricted cash and cash equivalents (primarily related to VIEs) | 42,559 | 34,262 | |
Receivables: | |||
Trade | 98,384 | 80,807 | |
Other | 11,591 | 17,482 | |
Inventories | 18,685 | 12,000 | |
Costs and estimated earnings in excess of billings on uncompleted contracts | 42,087 | 52,198 | |
Prepaid expenses and other | 41,727 | 45,867 | |
Total current assets | 332,245 | 472,830 | |
Investment in an unconsolidated company | 25,367 | ||
Deposits and other | 17,371 | 18,553 | |
Deferred charges | 43,972 | 43,773 | |
Property, plant and equipment, net ($1,518,962 and $1,483,224 related to VIEs, respectively) | 1,621,012 | 1,556,378 | |
Construction-in-process ($105,848 and $120,853 related to VIEs, respectively) | 350,872 | 306,709 | |
Deferred financing and lease costs, net | 5,426 | 3,923 | |
Intangible assets, net | 86,806 | 52,753 | |
Goodwill | 20,667 | 6,650 | |
Total assets | 2,503,738 | [1] | 2,461,569 |
Current liabilities: | |||
Accounts payable and accrued expenses | 103,335 | 91,650 | |
Short term revolving credit lines with banks (full recourse) | 33,900 | ||
Billings in excess of costs and estimated earnings on uncompleted contracts | 6,015 | 31,630 | |
Current portion of long-term debt: | |||
Senior secured notes | 27,847 | 32,234 | |
Other loans | 21,495 | 21,495 | |
Full recourse | 864 | 12,242 | |
Total current liabilities | 193,456 | 189,251 | |
Long-term debt, net of current portion: | |||
Senior secured notes (less deferred financing costs of $8,202 and $9,177, respectively) | 322,299 | 350,388 | |
Other loans (less deferred financing costs of $5,496 and $6,409, respectively) | 247,401 | 261,845 | |
Senior unsecured bonds (less deferred financing costs of $617 and $755, respectively) | 203,715 | 203,577 | |
Other loans (less deferred financing costs of $1,043 and $1,346, respectively) | 48,957 | 57,063 | |
Investment in an unconsolidated company | 11,081 | ||
Liability associated with sale of tax benefits | 46,803 | 54,662 | |
Deferred lease income | 52,273 | 54,561 | |
Deferred income taxes | 54,495 | 35,382 | |
Liability for unrecognized tax benefits | 6,188 | 5,738 | |
Liabilities for severance pay | 20,364 | 18,600 | |
Asset retirement obligation | 24,740 | 23,348 | |
Other long-term liabilities | 19,121 | 21,294 | |
Total liabilities | 1,239,812 | 1,286,790 | |
Commitments and contingencies (Note 10) | |||
Redeemable nonconrolling interest | 6,481 | 4,772 | |
Equity: | |||
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 50,597,124 and 49,667,340 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively | 51 | 50 | |
Additional paid-in capital | 896,005 | 869,463 | |
Retained earnings | 289,561 | 216,644 | |
Accumulated other comprehensive income (loss) | (5,634) | (7,732) | |
Noncontrolling interest | 77,462 | 91,582 | |
Total equity | 1,257,445 | 1,170,007 | |
Total liabilities, redeemable nonconrolling interest and equity | 2,503,738 | 2,461,569 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Receivables: | |||
Property, plant and equipment, net ($1,518,962 and $1,483,224 related to VIEs, respectively) | 1,518,962 | 1,483,224 | |
Construction-in-process ($105,848 and $120,853 related to VIEs, respectively) | 105,848 | 120,853 | |
Equity: | |||
$ 1,179,983 | $ 1,078,425 | ||
[1] | Electricity segment assets include goodwill in the amount of $20.7 million |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Property, plant and equipment, net | $ 1,621,012 | $ 1,556,378 |
Construction-in-process | $ 350,872 | $ 306,709 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 50,597,124 | 49,667,340 |
Common stock, shares outstanding (in shares) | 50,597,124 | 49,667,340 |
Senior Secured Notes [Member] | ||
Deferred financing costs | $ 8,202 | $ 9,177 |
Other Loans, Limited and Non-recourse [Member] | ||
Deferred financing costs | 5,496 | 6,409 |
Senior Unsecured Bonds [Member] | ||
Deferred financing costs | 617 | 755 |
Other Loans, Full Recourse [Member] | ||
Deferred financing costs | 1,043 | 1,346 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Property, plant and equipment, net | 1,518,962 | 1,483,224 |
Construction-in-process | $ 105,848 | $ 120,853 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues: | ||||
Electricity | $ 112,273,000 | $ 109,795,000 | $ 339,826,000 | $ 321,664,000 |
Product | 44,912,000 | 74,822,000 | 186,621,000 | 174,408,000 |
Total revenues | 157,185,000 | 184,617,000 | 526,447,000 | 496,072,000 |
Cost of revenues: | ||||
Electricity | 65,774,000 | 66,481,000 | 197,249,000 | 192,410,000 |
Product | 32,218,000 | 43,647,000 | 125,102,000 | 99,504,000 |
Total cost of revenues | 97,992,000 | 110,128,000 | 322,351,000 | 291,914,000 |
Gross profit | 59,193,000 | 74,489,000 | 204,096,000 | 204,158,000 |
Operating expenses: | ||||
Research and development expenses | 716,000 | 1,086,000 | 2,368,000 | 2,030,000 |
Selling and marketing expenses | 3,630,000 | 4,793,000 | 12,083,000 | 12,136,000 |
General and administrative expenses | 10,877,000 | 19,093,000 | 33,027,000 | 36,625,000 |
Write-off of unsuccessful exploration activities | 0 | 1,294,000 | 0 | 2,714,000 |
Operating income | 43,970,000 | 48,223,000 | 156,618,000 | 150,653,000 |
Other income (expense): | ||||
Interest income | 255,000 | 266,000 | 861,000 | 831,000 |
Interest expense, net | (11,692,000) | (17,137,000) | (41,155,000) | (51,561,000) |
Derivatives and foreign currency transaction gains (losses) | (1,001,000) | (222,000) | 2,040,000 | (2,592,000) |
Income attributable to sale of tax benefits | 3,506,000 | 3,463,000 | 14,019,000 | 12,380,000 |
Other non-operating expense, net | (1,592,000) | (5,546,000) | (1,678,000) | (5,306,000) |
Income from continuing operations before income taxes and equity in losses of investees | 33,446,000 | 29,047,000 | 130,705,000 | 104,405,000 |
Income tax provision | (11,003,000) | (11,988,000) | (28,258,000) | (29,387,000) |
Equity in earnings (losses) of investees, net | 337,000 | (2,653,000) | (1,690,000) | (4,734,000) |
Income from continuing operations | 22,780,000 | 14,406,000 | 100,757,000 | 70,284,000 |
Net income attributable to noncontrolling interest | (3,599,000) | (2,326,000) | (11,228,000) | (4,584,000) |
Net income attributable to the Company's stockholders | 19,181,000 | 12,080,000 | 89,529,000 | 65,700,000 |
Comprehensive income: | ||||
Net income | 22,780,000 | 14,406,000 | 100,757,000 | 70,284,000 |
Other comprehensive income (loss), net of related taxes: | ||||
Change in foreign currency translation adjustments | 1,005,000 | 2,544,000 | ||
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment | 618,000 | 1,337,000 | 271,000 | (3,829,000) |
Loss in respect of derivative instruments designated for cash flow hedge | 20,000 | 22,000 | 62,000 | 65,000 |
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge | (18,000) | (24,000) | (57,000) | (72,000) |
Comprehensive income | 24,405,000 | 15,741,000 | 103,577,000 | 66,448,000 |
Comprehensive income attributable to noncontrolling interest | (4,006,000) | (2,326,000) | (11,950,000) | (4,584,000) |
Comprehensive income attributable to the Company's stockholders | $ 20,399,000 | $ 13,415,000 | $ 91,627,000 | $ 61,864,000 |
Basic: | ||||
Net income (in dollars per share) | $ 0.38 | $ 0.24 | $ 1.79 | $ 1.33 |
Diluted: | ||||
Net income (in dollars per share) | $ 0.38 | $ 0.24 | $ 1.77 | $ 1.31 |
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders: | ||||
Basic (in shares) | 50,367 | 49,599 | 49,942 | 49,410 |
Diluted (in shares) | 50,867 | 50,289 | 50,669 | 50,097 |
Dividend per share declared (in dollars per share) | $ 0.08 | $ 0.07 | $ 0.33 | $ 0.45 |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2015 | 49,107 | ||||||
Balance at Dec. 31, 2015 | $ 49 | $ 849,223 | $ 148,396 | $ (7,667) | $ 990,001 | $ 93,873 | $ 1,083,874 |
Stock-based compensation | 3,383 | 3,383 | 3,383 | ||||
Exercise of options by employees and directors (in shares) | 528 | ||||||
Exercise of options by employees and directors | $ 1 | 7,249 | 7,250 | 7,250 | |||
Cash paid to noncontrolling interest | (10,622) | (10,622) | |||||
Cash dividend declared | (22,469) | (22,469) | (22,469) | ||||
Increase in noncontrolling interest in Guadeloupe | 8,272 | 8,272 | |||||
Net income | 65,700 | 65,700 | 4,390 | 70,090 | |||
Loss in respect of derivative instruments designated for cash flow hedge | 65 | 65 | 65 | ||||
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment | (3,829) | (3,829) | (3,829) | ||||
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge | (72) | (72) | (72) | ||||
Currency translation adjustment | |||||||
Balance (in shares) at Sep. 30, 2016 | 49,635 | ||||||
Balance at Sep. 30, 2016 | $ 50 | 859,855 | 191,627 | (11,503) | 1,040,029 | 95,913 | 1,135,942 |
Balance (in shares) at Dec. 31, 2016 | 49,667 | ||||||
Balance at Dec. 31, 2016 | $ 50 | 869,463 | 216,644 | (7,732) | 1,078,425 | 91,582 | 1,170,007 |
Stock-based compensation | 7,204 | 7,204 | 7,204 | ||||
Exercise of options by employees and directors (in shares) | 930 | ||||||
Exercise of options by employees and directors | $ 1 | 16,382 | 16,383 | 16,383 | |||
Cash paid to noncontrolling interest | (18,032) | (18,032) | |||||
Cash dividend declared | (16,612) | (16,612) | (16,612) | ||||
Net income | 89,529 | 89,529 | 10,154 | 99,683 | |||
Loss in respect of derivative instruments designated for cash flow hedge | 62 | 62 | 62 | ||||
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment | 271 | 271 | 271 | ||||
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge | (57) | (57) | (57) | ||||
Buyout of Class B membership in ORTP | 2,956 | 2,956 | (6,964) | (4,008) | |||
Currency translation adjustment | 1,822 | 1,822 | 722 | 2,544 | |||
Balance (in shares) at Sep. 30, 2017 | 50,597 | ||||||
Balance at Sep. 30, 2017 | $ 51 | $ 896,005 | $ 289,561 | $ (5,634) | $ 1,179,983 | $ 77,462 | $ 1,257,445 |
Consolidated Statements of Equ6
Consolidated Statements of Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Retained Earnings [Member] | ||
Cash dividend declared, per share (in dollars per share) | $ 0.33 | $ 0.45 |
Loss in respect of derivative instruments designated for cash flow hedge, related tax | $ 38 | |
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment, tax | 0 | $ 0 |
Amortization of unrealized gains, tax | $ 35 | $ 44 |
Cash dividend declared, per share (in dollars per share) | $ 0.33 | $ 0.45 |
Loss in respect of derivative instruments designated for cash flow hedge, related tax | $ 40 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 100,757,000 | $ 70,284,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 81,010,000 | 77,565,000 |
Amortization of premium from senior unsecured bonds | (513,000) | |
Accretion of asset retirement obligation | 1,392,000 | 1,243,000 |
Stock-based compensation | 7,204,000 | 3,383,000 |
Amortization of deferred lease income | (2,014,000) | (2,014,000) |
Income attributable to sale of tax benefits, net of interest expense | (8,851,000) | (5,920,000) |
Equity in losses of investees | 1,690,000 | 4,735,000 |
Mark-to-market of derivative instruments | (764,000) | (381,000) |
Write-off of unsuccessful exploration activities | 0 | 2,714,000 |
Gain on severance pay fund asset | (1,463,000) | (690,000) |
Deferred income tax provision | 16,506,000 | 20,742,000 |
Liability for unrecognized tax benefits | 450,000 | (125,000) |
Deferred lease revenues | (274,000) | (625,000) |
Other | 501,000 | |
Changes in operating assets and liabilities, net of amounts acquired: | ||
Receivables | (10,808,000) | (13,711,000) |
Costs and estimated earnings in excess of billings on uncompleted contracts | 10,111,000 | (12,905,000) |
Inventories | (209,000) | 5,339,000 |
Prepaid expenses and other | (636,000) | (5,364,000) |
Deposits and other | 1,231,000 | (867,000) |
Accounts payable and accrued expenses | (3,655,000) | 10,463,000 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 25,344,000 | (3,242,000) |
Liabilities for severance pay | 1,764,000 | (369,000) |
Other long-term liabilities | (2,065,000) | 1,801,000 |
Net cash provided by operating activities | 166,533,000 | 158,027,000 |
Cash flows from investing activities: | ||
Net change in restricted cash, cash equivalents and marketable securities | (8,297,000) | (1,022,000) |
Capital expenditures | (177,410,000) | (107,951,000) |
Investment in unconsolidated companies | (37,867,000) | |
Buyout of Class B membership in ORTP | (2,357,000) | |
Cash paid for acquisition of controlling interest in a subsidiary, net of cash acquired | (35,300,000) | (18,135,000) |
Intangible assets acquired | (868,000) | |
Decrease (increase) in severance pay fund asset, net of payments made to retired employees | 529,000 | 1,919,000 |
Net cash used in investing activities | (261,570,000) | (125,189,000) |
Cash flows from financing activities: | ||
Proceeds from exercise of options by employees | 16,382,000 | 7,250,000 |
Proceeds from issuance of senior unsecured notes, net of transaction costs | 203,483,000 | |
Purchase of Senior unsecured notes | (249,468,000) | |
Prepayment of OFC Senior Secured Notes | (14,270,000) | (6,815,000) |
Proceeds from revolving credit lines with banks | 695,600,000 | 259,900,000 |
Repayment of revolving credit lines with banks | (661,700,000) | (259,900,000) |
Cash received from noncontrolling interest | 2,017,000 | 1,972,000 |
Repayments of long-term debt | (55,226,000) | (40,997,000) |
Cash paid to noncontrolling interest | (18,032,000) | (17,296,000) |
Payments of capital leases | (1,472,000) | (845,000) |
Deferred debt issuance costs | (4,652,000) | (3,506,000) |
Cash dividends paid | (16,612,000) | (22,469,000) |
Net cash used in financing activities | (57,965,000) | (128,691,000) |
Net change in cash and cash equivalents | (153,002,000) | (95,853,000) |
Cash and cash equivalents at beginning of period | 230,214,000 | 185,919,000 |
Cash and cash equivalents at end of period | 77,212,000 | 90,066,000 |
Supplemental non-cash investing and financing activities: | ||
Increase (decrease) in accounts payable related to purchases of property, plant and equipment | 982,000 | (4,517,000) |
Accrued liabilities related to financing activities | $ 6,291,000 |
Note 1 - General and Basis of P
Note 1 - General and Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 These unaudited condensed consolidated interim financial statements of Ormat Technologies, Inc. and its subsidiaries (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Accordingly, they do not September 30, 2017, three nine September 30, 2017 2016 nine September 30, 2017 2016. The financial data and other information disclosed in the notes to the condensed consolidated financial statements related to these periods are unaudited. The results for the three nine September 30, 2017 not December 31, 2017. These condensed unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10 December 31, 2016. December 31, 2016 December 31, 2016, not Dollar amounts, except per share data, in the notes to these financial statements are rounded to the closest $1,000. Platanares geothermal power plant On September 26, 2017, 35 Platanares geothermal project in Honduras commenced commercial operation. The Company constructed the Platanares geothermal project under a Build, Operate, and Transfer (BOT) contract with ELCOSA, a privately owned Honduran energy company. The Company will operate the project for 15 30 Because the term of the lease exceeds the term in office of the relevant municipal government, it remains subject to an additional approval of the Honduran Congress in order to be fully valid. The Company has commenced the necessary steps to obtain such approval but the current elections in Honduras may OFC Senior Secured Notes prepayment In September 2017, $14.3 $1.5 $0.2 three nine September 30, 2017. DEG Loan prepayment In September 2017, $11.8 $0.5 $0.4 three nine September 30, 2017. ORIX transaction On July 26, 2017, 11 22% ownership stake in the Company, from FIMI ENRG Limited Partnership, FIMI ENRG, L.P., Bronicki Investments, Ltd. and certain senior members of our management team pursuant to a stock purchase agreement entered into by ORIX and the selling stockholders on May 4, 2017. May 4, 2017, July 26, 2017. Under the Governance Agreement, ORIX has the right to designate three nine fourth 25% ’s common stock that it owns. Under the Commercial Cooperation Agreement, the Company has exclusive rights to develop, own, operate and provide equipment for ORIX geothermal energy projects in all markets outside of Japan. In addition, the Company has certain rights to serve as technical partner and co-invest in ORIX geothermal energy projects in Japan. ORIX will also assist the Company in obtaining project financing for its geothermal energy projects from a variety of leading providers of renewable energy debt financing with which ORIX has relationsh ips in Asia and around the world. ORTP buyout On March 30, 2017, ’s partner JPM Capital Corporation (“JPM”) achieved its target after-tax yield on its investment in ORTP, LLC (“ORTP”) and on July 10, 2017, $2.4 SCPPA power purchase agreement During the second 2017, one ’s wholly-owned subsidiaries, entered into a power purchase agreement (“PPA”) with Southern California Public Power Authority (“SCPPA”), pursuant to which ONGP will sell, and SCPPA will purchase, geothermal power generated by a portfolio of nine 150 135 185 five 26 December 31, 2043 $75.50 Assertion of p ermanent reinvestment of foreign unremitted earnings in a subsidiary During the second 2017, $35.3 two may 2018 2021, no ’s unrepatriated earnings which will be repatriated to support the Company’s capital expenditures in the United Sates. Accordingly, and as further described in Note 11, second 2017. Viridity transaction On March 15, 2017, $35.3 12.8 two 2017 2020. Using proprietary software and solutions, Viridity serves primarily retail energy providers, utilities, and large commercial and industrial customers. Viridity ’s offerings enable its customers to optimize and monetize their energy management, demand response and storage facilities potential by interacting on their behalf with regional transmission organizations and independent system operators. The Company accounted for the transaction in accordance with Accounting Standard Codification 805, $34.7 17 $0.4 $13.9 810, The revenues of Viridity for the period from March 15, 2017 September 30, 2017 three nine September 30, 2017. Accounting guidance provides that the allocation of the purchase price may for up to one Other comprehensive income For the nine September 30, 2017 2016, $5,000 $7,000, $9,000 $11,000, $4,000 $4,000, three September 30, 2017 2016, $2,000 $2 ,000, $6,000 $3,000 $4,000 and $1,000, September 30, 2017, $0.6 Write-offs of unsuccessful exploration activities There were no rite-offs of unsuccessful exploration activities for the three nine September 30, 2017. three nine 2016 $1.3 $2.7 2016 not Concentration of credit risk Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of temporary cash investments and accounts receivable. The Company places its temporary cash investments with high credit quality financial institutions located in the United States and in foreign countries. At September 30, 2017 December 31, 2016, 23.9 $72.5 seven $250,000 September 30, 2017 December 31, 2016, $56.0 $166.2 At September 30, 2017 December 31, 2016, $67.5 $53.3 September 30, 2017 December 31, 2016, 48% 60% Sierra Pacific Power Company and Nevada Power Company (subsidiaries of NV Energy, Inc.) accounted for 16.3% 14.4% three September 30, 2017 2016, 17.4% 18.6% nine September 30, 2017 2016, Kenya Power and Lighting Co. Ltd. accounted for 17.6% 15.1% three September 30, 2017 2016, 15.7% 16.4% nine September 30, 2017 2016, Southern California Public Power Authority (“SCPPA”) accounted for 9.1% 7.7% three September 30, 2017 2016, 8.9% 9.9% nine September 30, 2017 2016, Hyundai (Sarulla geothermal project) accounted for 0.9% 24% three September 30, 2017 2016, 4.7% 14% nine September 30, 2017 2016, The Company has historically been able to collect on all of its receivable balances, and accordingly, no |
Note 2 - New Accounting Pronoun
Note 2 - New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE 2 — NEW ACCOUNTING PRONOUNCEMENTS New accounting pronouncements effective in the nine period ended September 30, 2017 Improvement to Employee Share-Based Payment Accounting In March 2016, the Financial Accounting Standards Board “(FASB”) issued Accounting Standard Update (“ASU”) 2016 09, no 1 2 December 15, 2016. not Interests Held through Related Parties that are under Common Control In October 2016, 2016 17, 810 December 15, 2016, not Simplifying the Measurement of Inventory In July 2015, 2015 11, 330. no ‘lower of cost or market’ with that of ‘lower of cost and net realizable value’. The amendments in this update are effective for annual reporting periods beginning after December 15, 2016, not New accounting pronouncements effective in future periods Derivatives and Hedging In August 2017, FASB issued ASU 2017 12, December 15, 2018, Intangibles –Goodwill and Other In January 2017, 2017 04, 350 not 2 2 first first December 15, 2019. January 1, 2017. Compensation - Stock Compensation In May 2017, 2017 09, Compensation—Stock Compensation (Topic 718 718. 1 2 3 718 December 15, 2017. Business Combinations In January 2017, 2017 01, 805 not December 15, 2017, The Company is currently evaluating the potential impact of the adoption of these amendments on its consolidated financial statements. Statement of Cash Flow In November 2016, 2016 18, 230 – Restricted Cash. The amendments in this update require that a statement of cash flows explain the changes during the period in total cash, cash equivalents, and the amounts generally described as restricted cash or cash equivalents. Therefore, amounts of restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this update should be applied retrospectively for each period presented and are effective for financial statements issued for fiscal years beginning after December 15, 2017, Intra-Entity Transfers of Assets Other than Inventory In October 2016, 2016 16, ’s tax jurisdiction when the transfer occurs, even though the pre-tax effects of that transaction are eliminated in consolidation. Any deferred tax asset that arises in the buyer’s jurisdiction would also be recognized at the time of the transfer. The new guidance does not December 15, 2017, first 2017. Revenues from Contracts with Customers In May 2014, 2014 09, 606, 1 2 3 4 5 2014 09 December 15, 2017, no 2017 ’s under ASC 840, In March 2016, 2016 08, update does not December 15, 2017, no 2017 Leases In February 2016, 2016 02, 842. two 606. December 15, 2018, Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, 2016 01, December 15, 2017, |
Note 3 - Inventories
Note 3 - Inventories | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 — INVENTORIES Inventories consist of the following: September 30, December 31, 2017 2016 (Dollars in thousands) Raw materials and purchased parts for assembly $ 9,461 $ 5,429 Self-manufactured assembly parts and finished products 9,224 6,571 Total $ 18,685 $ 12,000 |
Note 4 - Unconsolidated Investm
Note 4 - Unconsolidated Investments | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NOTE 4 — UNCONSOLIDATED INVESTMENTS Unconsolidated investments consist of the following: September 30, December 31, 2017 2016 (Dollars in thousands) Sarulla $ 25,367 $ (11,081 ) The Sarulla Project The Company holds a 12.75% 330 April 4, 2013. 30 October 2013, The project is being constructed in three 110 ’s efficiency. The first March 17, 2017 second October 2, 2017. third may third 100% 85% On May 16, 2014, $1.17 six $1.17 $0.1 May 23, 2014) $1.07 may The Sarulla consortium entered into interest rate swap agreements with various international banks, effective as of June 4, 2014, $0.96 $1.07 3.4565%. three nine September 30, 2017, $4.8 $2.1 ’s share was $0.6 $0.3 three nine September 30, 2016, $10.5 $30.0 $1.3 $3.8 September 30, 2017 $5.6 The Company had added the $255.6 2014. third 2014 $14.1 During the three nine September 30, 2017, $10.5 $37.9 $49.8 |
Note 5 - Fair Value of Financia
Note 5 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 5 — FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value measurement guidance clarifies that fair value is an exit price, representing the amount that would be received upon selling an asset or paid upon transferring a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 3 three : Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; Level 2 — Quoted prices in markets that are not Level 3 — Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no The following table sets forth certain fair value information at September 30, 2017 December 31, 2016 September 30, 2017 Fair Value Carrying Value at September 30, 2017 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Current assets: Cash equivalents (including restricted cash accounts) $ 13,497 $ 13,497 $ 13,497 $ — $ — Derivatives: Put options on gas price (3) 61 61 — 61 — Contingent receivable (1) 1,125 1,125 — — 1,125 Currency forward contracts (2) 486 486 — 486 — Liabilities: Current and long-term liabilities: Derivatives: Contingent payables (1) $ (25,913 ) $ (25,913 ) $ — $ — $ (25,913 ) Warrants (1) (3,889 ) (3,889 ) (3,889 ) Currency forward contracts (2) (203 ) (203 ) — (203 ) — $ (14,836 ) $ (14,836 ) $ 13,497 $ 344 $ (28,677 ) December 31, 2016 Fair Value Carrying Value at December 31, 2016 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets Current assets: Cash equivalents (including restricted cash accounts) $ 14,922 $ 14,922 $ 14,922 $ — $ — Derivatives: Contingent receivable (1) 1,443 1,443 — — 1,443 Liabilities: Current and long-term liabilities: Derivatives: Contingent payables (1) $ (11,581 ) $ (11,581 ) $ — $ — $ (11,581 ) Warrants (1) (3,429 ) (3,429 ) — — (3,429 ) Currency forward contracts (2) (481 ) (481 ) — (481 ) — $ 874 $ 874 $ 14,922 $ (481 ) $ (13,567 ) ( 1 These amounts relate to contingent receivables and payables relating to the Viridity acquisition and Guadeloupe power plant purchase transaction, valued primarily based on unobservable inputs and are included within Prepaid expenses and other, Accounts payable and accrued expenses and Other long-term liabilities on September 30, 2017 December 31, 2016 ( 2 These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within Prepaid expenses and other and Accounts payable and accrued expenses on September 30, 2017 December 31, 2016, ( 3 These amounts relate to natural gas put options, valued primarily based on observable inputs, including spot prices on related commodity indices, and are included within Prepaid expenses and other on September 30, 2017 The amounts set forth in the tables above include investments in debt instruments and money mark et funds (which are included in cash equivalents). Those securities and deposits are classified within Level 1 The following table presents the amounts of gain (loss) recognized in the consolidated statements of operations and comprehensive income on derivative instruments not Amount of recognized gain (loss) Derivatives not designated Location of recognized Three Months Ended September 30, Nine Months Ended September 30, as hedging instruments gain (loss) 2017 2016 2017 2016 Put options on natural gas price Derivatives and foreign currency transaction gains (losses) $ (121 ) $ — $ (362 ) $ — Call options on natural gas price Derivatives and foreign currency transaction gains (losses) — 32 — (1,114 ) Call and put options on oil price Derivatives and foreign currency transaction gains (losses) — 230 — (1,312 ) Contingent considerations Derivative and foreign currency transaction gains (losses) (19 ) — (114 ) — Currency forward contracts Derivative and foreign currency and transaction gains (losses) (887 ) 689 2,832 1,154 $ (1,027 ) $ 951 $ 2,356 $ (1,272 ) In January 2017, 4.1 $3 January 26, 2017 November 27, 2017 $0.7 On February 2, 2016, 4.1 $2 February 24, 2016 December 27, 2016 $1.9 On February 24, 2016, 185,000 $32.80 $35.50 March 24, 2016 December 22, 2016 $1.1 March 2016, 2 31,800 $41 $42.50 $32.80 $33.50. 16,500 17,000 February 2016 $28.50 $37.50 $28 $38.50, The foregoing future and forward transactions were not oreign currency transaction gains (losses)”. There were no 1, 2 3 nine September 30, 2017. The fair value of the Company ’s long-term debt approximates its carrying amount, except for the following: Fair Value Carrying Amount September 30, 2017 December 31, 2016 September 30, 2017 December 31, 2016 (Dollars in millions) (Dollars in millions) Olkaria III Loan - DEG $ — $ 16.3 $ — $ 15.8 Olkaria III Loan - OPIC 242.9 253.4 233.1 246.6 Olkaria IV Loan - DEG 2 52.4 50.9 50.0 50.0 Amatitlan Loan 34.2 37.3 34.1 36.8 Senior Secured Notes: Ormat Funding Corp. ("OFC") — 17.0 — 17.0 OrCal Geothermal Inc. ("OrCal") 34.1 37.4 32.1 35.2 OFC 2 LLC ("OFC 2") 242.5 249.0 236.6 247.2 Don A. Campbell 1 ("DAC1") 88.2 88.9 89.6 92.4 Senior Unsecured Bonds 201.4 200.1 204.3 204.3 Other long-term debt 7.3 10.4 8.0 11.2 The fair value of the OFC Senior Secured Notes is determined using observable market prices as these securities are traded. The fair value of all the other long-term debt is determined by a valuation model, which is based on a conventional discounted cash flow methodology and utilizes assumptions of current borrowing rates . The fair value of revolving lines of credit is determined using a comparison of market-based price sources that are reflective of similar credit ratings to those of the Company. The carrying value of other financial instruments, such as revolving lines of credit, deposits, and other long-term debt approximates fair value. The following table presents the fair value of financial instruments as of September 30, 2017: Level 1 Level 2 Level 3 Total (Dollars in millions) Olkaria III - OPIC $ — $ — $ 242.9 $ 242.9 Olkaria IV - DEG 2 — — 52.4 52.4 Amatitlan Loan — 34.2 — 34.2 Senior Secured Notes: OrCal — — 34.1 34.1 OFC 2 — — 242.5 242.5 Don A. Campbell 1 — — 88.2 88.2 Senior Unsecured Bonds — — 201.4 201.4 Other long-term debt — — 7.3 7.3 Revolving lines of credit — 33.9 — 33.9 Deposits 15.2 — — 15.2 The following table presents the fair value of financial instruments as of December 31, 2016: Level 1 Level 2 Level 3 Total (Dollars in millions) Olkaria III Loan - DEG $ — $ — $ 16.3 $ 16.3 Olkaria III Loan - OPIC — — 253.4 253.4 Olkaria IV - DEG 2 — — 50.9 50.9 Amatitlan Loan — 37.3 — 37.3 Senior Secured Notes: OFC — 17.0 — 17.0 OrCal — — 37.4 37.4 OFC 2 — — 249.0 249.0 Don A. Campbell 1 — — 88.9 88.9 Senior Unsecured Bonds — — 200.1 200.1 Other long-term debt — 3.3 7.1 10.4 Deposits 14.4 — — 14.4 |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 6 — STOCK-BASED COMPENSATION The 2004 In 2004, Board adopted the 2004 “2004 2004 3,750,000 2004 25% 24 25% 36 50% 48 2004 one may ten 2004 2004 May 2012 2012 “2012 2004 The 2012 In May 2012, ’s shareholders adopted the 2012 2012 4,000,000 2012 25% 24 25% 36 50% 48 2012 one six ten 2012 The 2012 the Board, in its discretion, to amend the 2012 February 2014 2012 ● Increase of per grant limit: Section 15 2012 400,000 ’s common stock with respect to the initial grant of an equity award to newly hired executive officers in any calendar year; and ● Acceleration of vesting: Section 15 2012 the Company’s ability to provide in the applicable award agreement that part and/or all of the award will be accelerated upon the occurrence of certain predetermined events and/or conditions, such as a change in control (as defined in the 2012 |
Note 7 - Interest Expense, Net
Note 7 - Interest Expense, Net | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Interest Expense Disclosure [Text Block] | NOTE 7 — INTEREST EXPENSE, NET The components of interest expense are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Interest related to sale of tax benefits $ 1,607 $ 2,565 $ 5,468 $ 6,269 Interest expense 13,299 15,726 41,620 47,214 Less — amount capitalized (3,214 ) (1,154 ) (5,933 ) (1,922 ) $ 11,692 $ 17,137 $ 41,155 $ 51,561 |
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 8 — EARNINGS PER SHARE Basic earnings per share attributable to the Company ’s stockholders is computed by dividing net income or loss attributable to the Company’s stockholders by the weighted average number of shares of common stock outstanding for the period. The Company does not The table below shows the reconciliation of the number of shares used in the computation of basic and diluted earnings per share: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Weighted average number of shares used in computation of basic earnings per share 50,367 49,599 49,942 49,410 Add: Additional shares from the assumed exercise of employee stock options 500 690 727 687 Weighted average number of shares used in computation of diluted earnings per share 50,867 50,289 50,669 50,097 The number of stock-based awards that could potentially dilute future earnings per share and that were not earnings per share because to do so would have been anti-dilutive was 8,851 225,191 three September 30, 2017 2016, 6,494 116,641 nine September 30, 2017 2016, |
Note 9 - Business Segments
Note 9 - Business Segments | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 9 — BUSINESS SEGMENTS The Company has two ’s power plants pursuant to PPAs. The Product segment is engaged in the manufacture, including design and development, of turbines and power units for the supply of electrical energy and in the associated construction of power plants utilizing the power units manufactured by the Company to supply energy from geothermal fields and other alternative energy sources . Transfer prices between the operating segments are determined based on current market values or cost plus markup of the seller ’s business segment. Summarized financial information concerning the Company ’s reportable segments is shown in the following tables: Electricity Product Consolidated (Dollars in thousands) Three Months Ended September 30, 2017: Net revenue from external customers $ 112,273 $ 44,912 $ 157,185 Intersegment revenue — 28,248 28,248 Operating income 36,205 7,765 43,970 Segment assets at period end (1) 2,371,855 131,883 2,503,738 Three Months Ended September 30, 2016: Net revenue from external customers $ 109,795 $ 74,822 184,617 Intersegment revenue — 14,835 14,835 Operating income 23,903 24,320 48,223 Segment assets at period end 2,137,845 141,426 2,279,271 Nine Months Ended September 30, 2017: Net revenues from external customers $ 339,826 $ 186,621 526,447 Intersegment revenues — 61,026 61,026 Operating income 113,220 43,398 156,618 Segment assets at period end (1) 2,371,855 131,883 2,503,738 Nine Months Ended September 30, 2016: Net revenues from external customers $ 321,664 $ 174,408 496,072 Intersegment revenues — 36,042 36,042 Operating income 91,502 59,151 150,653 Segment assets at period end 2,137,845 141,426 2,279,271 ( 1 Electricity segment assets include goodwill in the amount of $20.7 . Reconciling information between reportable segments and the Company ’s consolidated totals is shown in the following table: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Revenue: Total segment revenue $ 157,185 $ 184,617 $ 526,447 $ 496,072 Intersegment revenue 28,248 14,835 61,026 36,042 Elimination of intersegment revenue (28,248 ) (14,835 ) (61,026 ) (36,042 ) Total consolidated revenue $ 157,185 $ 184,617 $ 526,447 $ 496,072 Operating income: Operating income $ 43,970 $ 48,223 $ 156,618 $ 150,653 Interest income 255 266 861 831 Interest expense, net (11,692 ) (17,137 ) (41,155 ) (51,561 ) Derivatives and foreign currency transaction gains (losses) (1,001 ) (222 ) 2,040 (2,592 ) Income attributable to sale of tax benefits 3,506 3,463 14,019 12,380 Other non-operating expense, net (1,592 ) (5,546 ) (1,678 ) (5,306 ) Total consolidated income before income taxes and equity in losses of investees $ 33,446 $ 29,047 $ 130,705 $ 104,405 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 10 ● Jon Olson and Hilary Wilt, together with Puna Pono Alliance filed a complaint on February 17, 2015 16 May 17, 2015, October 10, 2016, ’ and defendants’ motions for summary judgment, denying plaintiffs’ motion and granting defendant PGV's and the County of Hawaii’s cross motions for summary judgment, effectively rendering the plaintiffs’ action moot. On January 23, 2017, April 20, 2017 ● On July 8, 2014, two three 1, June 26, 2015, one ’ causes of action. On January 6, 2017, January 6, 2017 No ● On March 29, 2016, ’s subsidiaries in the 27 th $4.8 3.75% 10 11th 27th 11th not ● On August 5, 2016, ’s fees and statutory interest against PGV and other presently unknown defendants. On December 12, 2016, August 2014. June 14, 2017, ● On June 20, 2016, March 31, 2016. ’s insurer reached an out of court settlement that was approved by the US District Court, Southern District of California, and executed May 25, 2017. I n addition, from time to time, the Company is named as a party to various other lawsuits, claims and other legal and regulatory proceedings that arise in the ordinary course of our business. These actions typically seek, among other things, compensation for alleged personal injury, breach of contract, property damage, punitive damages, civil penalties or other losses, or injunctive or declaratory relief. With respect to such lawsuits, claims and proceedings, the Company accrues reserves when a loss is probable and the amount of such loss can be reasonably estimated. It is the opinion of the Company’s management that the outcome of these proceedings, individually and collectively, will not |
Note 11 - Income Taxes
Note 11 - Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 11 — INCOME TAXES As further described in Note 1 second 2017 $111.0 35%. $53.9 $111.1 Realization of the deferred tax assets and tax credits is dependent on generating sufficient taxable income in appropriate jurisdictions prior to expiration of the NOL carryforwards and tax credits. In prior periods and through March 31, 2017 March 31, 2017 $109.6 $61.5 not $47.0 $1.1 $48.1 September 30, 2017. The Company ’s effective tax rate for the three September 30, 2017 2016 32.9% 41.3%, 21.6% 28.1% nine September 30, 2017 2016, 35% nine September 30, 2017 16%, 37.5%; three September 30, 2017 2016 $0.6 nine September 30, 2017 2016 $2.3 $2.4 As described above, t he Company is currently in a net deferred tax asset position with a partial valuation allowance against the Company’s foreign tax credits that are expected to expire before they can be utilized in future periods. As of December 31, 2016, $299.6 2029 2036, $244.7 2018 2036 $0.7 million at December 31, 2016 20 2022 2024. $82.5 December 31, 2016 20 2026 2036. The total amount of undistributed earnings of foreign subsidiaries related to Ormat Systems for income tax purposes was approximately $367 December 31, 2016. ’s intention to reinvest undistributed earnings of its other foreign subsidiaries and thereby indefinitely postpone their remittance, given that the Company requires existing and future cash to fund the anticipated investment and development activities as well as debt service requirements in those jurisdictions. In addition, the Company believes that existing and anticipated cash flows as well as borrowing capacity in the U.S. and cash to be remitted to the U.S. from Ormat Systems will be sufficient to meet its needs in the U.S. Accordingly, no may not may The Company is subject to income taxes in the U.S. (federal and state) and numerous foreign jurisdictions. Significant judgment is required in evaluating tax positions and determining the position for income taxes. Reserves are established to tax-related uncertainties based on estimates of whether, and the extent to which additional taxes will be due. As of September 30, 2017, not As previously reported by the Company, the Kenya Revenue Authority (“KRA”) conducted an audit related to the Company ’s operations in Kenya for fiscal years 2012 2013. June 20, 2017, $2.6 June 2017 150% $1.2 |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 12 — SUBSEQUENT EVENTS Cash dividend On November 7, 2017, $4.0 $0.08 ’s issued and outstanding shares of common stock on November 21, 2017, December 5, 2017. OPC buyout On May 31, 2017, ’s partners JPM and Morgan Stanley achieved their target after-tax yield on its investment in OPC, LLC (“OPC”) and on October 31, 2017, $1.9 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Platanares Geothermal Power Plant, Policy [Policy Text Block] | Platanares geothermal power plant On September 26, 2017, 35 Platanares geothermal project in Honduras commenced commercial operation. The Company constructed the Platanares geothermal project under a Build, Operate, and Transfer (BOT) contract with ELCOSA, a privately owned Honduran energy company. The Company will operate the project for 15 30 Because the term of the lease exceeds the term in office of the relevant municipal government, it remains subject to an additional approval of the Honduran Congress in order to be fully valid. The Company has commenced the necessary steps to obtain such approval but the current elections in Honduras may |
OFC Senior Secured Notes Prepayment, Policy [Policy Text Block] | OFC Senior Secured Notes prepayment In September 2017, $14.3 $1.5 $0.2 three nine September 30, 2017. |
DEG Loan Prepayment, Policy [Policy Text Block] | DEG Loan prepayment In September 2017, $11.8 $0.5 $0.4 three nine September 30, 2017. |
ORIX Transaction, Policy [Policy Text Block] | ORIX transaction On July 26, 2017, 11 22% ownership stake in the Company, from FIMI ENRG Limited Partnership, FIMI ENRG, L.P., Bronicki Investments, Ltd. and certain senior members of our management team pursuant to a stock purchase agreement entered into by ORIX and the selling stockholders on May 4, 2017. May 4, 2017, July 26, 2017. Under the Governance Agreement, ORIX has the right to designate three nine fourth 25% ’s common stock that it owns. Under the Commercial Cooperation Agreement, the Company has exclusive rights to develop, own, operate and provide equipment for ORIX geothermal energy projects in all markets outside of Japan. In addition, the Company has certain rights to serve as technical partner and co-invest in ORIX geothermal energy projects in Japan. ORIX will also assist the Company in obtaining project financing for its geothermal energy projects from a variety of leading providers of renewable energy debt financing with which ORIX has relationsh ips in Asia and around the world. |
ORTP Buyout, Policy [Policy Text Block] | ORTP buyout On March 30, 2017, ’s partner JPM Capital Corporation (“JPM”) achieved its target after-tax yield on its investment in ORTP, LLC (“ORTP”) and on July 10, 2017, $2.4 |
SCPPA Power Purchase Agreement, policy [Policy Text Block] | SCPPA power purchase agreement During the second 2017, one ’s wholly-owned subsidiaries, entered into a power purchase agreement (“PPA”) with Southern California Public Power Authority (“SCPPA”), pursuant to which ONGP will sell, and SCPPA will purchase, geothermal power generated by a portfolio of nine 150 135 185 five 26 December 31, 2043 $75.50 |
Assertion of Permanent Reinvestment of Foreign Unremitted Earnings in Subsidiaries, Policy [Policy Text Block] | Assertion of p ermanent reinvestment of foreign unremitted earnings in a subsidiary During the second 2017, $35.3 two may 2018 2021, no ’s unrepatriated earnings which will be repatriated to support the Company’s capital expenditures in the United Sates. Accordingly, and as further described in Note 11, second 2017. |
Business Combinations Policy [Policy Text Block] | Viridity transaction On March 15, 2017, $35.3 12.8 two 2017 2020. Using proprietary software and solutions, Viridity serves primarily retail energy providers, utilities, and large commercial and industrial customers. Viridity ’s offerings enable its customers to optimize and monetize their energy management, demand response and storage facilities potential by interacting on their behalf with regional transmission organizations and independent system operators. The Company accounted for the transaction in accordance with Accounting Standard Codification 805, $34.7 17 $0.4 $13.9 810, The revenues of Viridity for the period from March 15, 2017 September 30, 2017 three nine September 30, 2017. Accounting guidance provides that the allocation of the purchase price may for up to one |
Comprehensive Income, Policy [Policy Text Block] | Other comprehensive income For the nine September 30, 2017 2016, $5,000 $7,000, $9,000 $11,000, $4,000 $4,000, three September 30, 2017 2016, $2,000 $2 ,000, $6,000 $3,000 $4,000 and $1,000, September 30, 2017, $0.6 |
Exploratory Drilling Costs Capitalization and Impairment, Policy [Policy Text Block] | Write-offs of unsuccessful exploration activities There were no rite-offs of unsuccessful exploration activities for the three nine September 30, 2017. three nine 2016 $1.3 $2.7 2016 not |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of credit risk Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of temporary cash investments and accounts receivable. The Company places its temporary cash investments with high credit quality financial institutions located in the United States and in foreign countries. At September 30, 2017 December 31, 2016, 23.9 $72.5 seven $250,000 September 30, 2017 December 31, 2016, $56.0 $166.2 At September 30, 2017 December 31, 2016, $67.5 $53.3 September 30, 2017 December 31, 2016, 48% 60% Sierra Pacific Power Company and Nevada Power Company (subsidiaries of NV Energy, Inc.) accounted for 16.3% 14.4% three September 30, 2017 2016, 17.4% 18.6% nine September 30, 2017 2016, Kenya Power and Lighting Co. Ltd. accounted for 17.6% 15.1% three September 30, 2017 2016, 15.7% 16.4% nine September 30, 2017 2016, Southern California Public Power Authority (“SCPPA”) accounted for 9.1% 7.7% three September 30, 2017 2016, 8.9% 9.9% nine September 30, 2017 2016, Hyundai (Sarulla geothermal project) accounted for 0.9% 24% three September 30, 2017 2016, 4.7% 14% nine September 30, 2017 2016, The Company has historically been able to collect on all of its receivable balances, and accordingly, no |
New Accounting Pronouncements, Policy [Policy Text Block] | New accounting pronouncements effective in the nine period ended September 30, 2017 Improvement to Employee Share-Based Payment Accounting In March 2016, the Financial Accounting Standards Board “(FASB”) issued Accounting Standard Update (“ASU”) 2016 09, no 1 2 December 15, 2016. not Interests Held through Related Parties that are under Common Control In October 2016, 2016 17, 810 December 15, 2016, not Simplifying the Measurement of Inventory In July 2015, 2015 11, 330. no ‘lower of cost or market’ with that of ‘lower of cost and net realizable value’. The amendments in this update are effective for annual reporting periods beginning after December 15, 2016, not New accounting pronouncements effective in future periods Derivatives and Hedging In August 2017, FASB issued ASU 2017 12, December 15, 2018, Intangibles –Goodwill and Other In January 2017, 2017 04, 350 not 2 2 first first December 15, 2019. January 1, 2017. Compensation - Stock Compensation In May 2017, 2017 09, Compensation—Stock Compensation (Topic 718 718. 1 2 3 718 December 15, 2017. Business Combinations In January 2017, 2017 01, 805 not December 15, 2017, The Company is currently evaluating the potential impact of the adoption of these amendments on its consolidated financial statements. Statement of Cash Flow In November 2016, 2016 18, 230 – Restricted Cash. The amendments in this update require that a statement of cash flows explain the changes during the period in total cash, cash equivalents, and the amounts generally described as restricted cash or cash equivalents. Therefore, amounts of restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this update should be applied retrospectively for each period presented and are effective for financial statements issued for fiscal years beginning after December 15, 2017, Intra-Entity Transfers of Assets Other than Inventory In October 2016, 2016 16, ’s tax jurisdiction when the transfer occurs, even though the pre-tax effects of that transaction are eliminated in consolidation. Any deferred tax asset that arises in the buyer’s jurisdiction would also be recognized at the time of the transfer. The new guidance does not December 15, 2017, first 2017. Revenues from Contracts with Customers In May 2014, 2014 09, 606, 1 2 3 4 5 2014 09 December 15, 2017, no 2017 ’s under ASC 840, In March 2016, 2016 08, update does not December 15, 2017, no 2017 Leases In February 2016, 2016 02, 842. two 606. December 15, 2018, Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, 2016 01, December 15, 2017, |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, 2017 2016 (Dollars in thousands) Raw materials and purchased parts for assembly $ 9,461 $ 5,429 Self-manufactured assembly parts and finished products 9,224 6,571 Total $ 18,685 $ 12,000 |
Note 4 - Unconsolidated Inves22
Note 4 - Unconsolidated Investments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | September 30, December 31, 2017 2016 (Dollars in thousands) Sarulla $ 25,367 $ (11,081 ) |
Note 5 - Fair Value of Financ23
Note 5 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2017 Fair Value Carrying Value at September 30, 2017 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Current assets: Cash equivalents (including restricted cash accounts) $ 13,497 $ 13,497 $ 13,497 $ — $ — Derivatives: Put options on gas price (3) 61 61 — 61 — Contingent receivable (1) 1,125 1,125 — — 1,125 Currency forward contracts (2) 486 486 — 486 — Liabilities: Current and long-term liabilities: Derivatives: Contingent payables (1) $ (25,913 ) $ (25,913 ) $ — $ — $ (25,913 ) Warrants (1) (3,889 ) (3,889 ) (3,889 ) Currency forward contracts (2) (203 ) (203 ) — (203 ) — $ (14,836 ) $ (14,836 ) $ 13,497 $ 344 $ (28,677 ) December 31, 2016 Fair Value Carrying Value at December 31, 2016 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets Current assets: Cash equivalents (including restricted cash accounts) $ 14,922 $ 14,922 $ 14,922 $ — $ — Derivatives: Contingent receivable (1) 1,443 1,443 — — 1,443 Liabilities: Current and long-term liabilities: Derivatives: Contingent payables (1) $ (11,581 ) $ (11,581 ) $ — $ — $ (11,581 ) Warrants (1) (3,429 ) (3,429 ) — — (3,429 ) Currency forward contracts (2) (481 ) (481 ) — (481 ) — $ 874 $ 874 $ 14,922 $ (481 ) $ (13,567 ) |
Derivative Instruments, Gain (Loss) [Table Text Block] | Amount of recognized gain (loss) Derivatives not designated Location of recognized Three Months Ended September 30, Nine Months Ended September 30, as hedging instruments gain (loss) 2017 2016 2017 2016 Put options on natural gas price Derivatives and foreign currency transaction gains (losses) $ (121 ) $ — $ (362 ) $ — Call options on natural gas price Derivatives and foreign currency transaction gains (losses) — 32 — (1,114 ) Call and put options on oil price Derivatives and foreign currency transaction gains (losses) — 230 — (1,312 ) Contingent considerations Derivative and foreign currency transaction gains (losses) (19 ) — (114 ) — Currency forward contracts Derivative and foreign currency and transaction gains (losses) (887 ) 689 2,832 1,154 $ (1,027 ) $ 951 $ 2,356 $ (1,272 ) |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | Fair Value Carrying Amount September 30, 2017 December 31, 2016 September 30, 2017 December 31, 2016 (Dollars in millions) (Dollars in millions) Olkaria III Loan - DEG $ — $ 16.3 $ — $ 15.8 Olkaria III Loan - OPIC 242.9 253.4 233.1 246.6 Olkaria IV Loan - DEG 2 52.4 50.9 50.0 50.0 Amatitlan Loan 34.2 37.3 34.1 36.8 Senior Secured Notes: Ormat Funding Corp. ("OFC") — 17.0 — 17.0 OrCal Geothermal Inc. ("OrCal") 34.1 37.4 32.1 35.2 OFC 2 LLC ("OFC 2") 242.5 249.0 236.6 247.2 Don A. Campbell 1 ("DAC1") 88.2 88.9 89.6 92.4 Senior Unsecured Bonds 201.4 200.1 204.3 204.3 Other long-term debt 7.3 10.4 8.0 11.2 |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Total (Dollars in millions) Olkaria III - OPIC $ — $ — $ 242.9 $ 242.9 Olkaria IV - DEG 2 — — 52.4 52.4 Amatitlan Loan — 34.2 — 34.2 Senior Secured Notes: OrCal — — 34.1 34.1 OFC 2 — — 242.5 242.5 Don A. Campbell 1 — — 88.2 88.2 Senior Unsecured Bonds — — 201.4 201.4 Other long-term debt — — 7.3 7.3 Revolving lines of credit — 33.9 — 33.9 Deposits 15.2 — — 15.2 Level 1 Level 2 Level 3 Total (Dollars in millions) Olkaria III Loan - DEG $ — $ — $ 16.3 $ 16.3 Olkaria III Loan - OPIC — — 253.4 253.4 Olkaria IV - DEG 2 — — 50.9 50.9 Amatitlan Loan — 37.3 — 37.3 Senior Secured Notes: OFC — 17.0 — 17.0 OrCal — — 37.4 37.4 OFC 2 — — 249.0 249.0 Don A. Campbell 1 — — 88.9 88.9 Senior Unsecured Bonds — — 200.1 200.1 Other long-term debt — 3.3 7.1 10.4 Deposits 14.4 — — 14.4 |
Note 7 - Interest Expense, Net
Note 7 - Interest Expense, Net (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Other Nonoperating Expense, by Component [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Interest related to sale of tax benefits $ 1,607 $ 2,565 $ 5,468 $ 6,269 Interest expense 13,299 15,726 41,620 47,214 Less — amount capitalized (3,214 ) (1,154 ) (5,933 ) (1,922 ) $ 11,692 $ 17,137 $ 41,155 $ 51,561 |
Note 8 - Earnings Per Share (Ta
Note 8 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Weighted average number of shares used in computation of basic earnings per share 50,367 49,599 49,942 49,410 Add: Additional shares from the assumed exercise of employee stock options 500 690 727 687 Weighted average number of shares used in computation of diluted earnings per share 50,867 50,289 50,669 50,097 |
Note 9 - Business Segments (Tab
Note 9 - Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Electricity Product Consolidated (Dollars in thousands) Three Months Ended September 30, 2017: Net revenue from external customers $ 112,273 $ 44,912 $ 157,185 Intersegment revenue — 28,248 28,248 Operating income 36,205 7,765 43,970 Segment assets at period end (1) 2,371,855 131,883 2,503,738 Three Months Ended September 30, 2016: Net revenue from external customers $ 109,795 $ 74,822 184,617 Intersegment revenue — 14,835 14,835 Operating income 23,903 24,320 48,223 Segment assets at period end 2,137,845 141,426 2,279,271 Nine Months Ended September 30, 2017: Net revenues from external customers $ 339,826 $ 186,621 526,447 Intersegment revenues — 61,026 61,026 Operating income 113,220 43,398 156,618 Segment assets at period end (1) 2,371,855 131,883 2,503,738 Nine Months Ended September 30, 2016: Net revenues from external customers $ 321,664 $ 174,408 496,072 Intersegment revenues — 36,042 36,042 Operating income 91,502 59,151 150,653 Segment assets at period end 2,137,845 141,426 2,279,271 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Revenue: Total segment revenue $ 157,185 $ 184,617 $ 526,447 $ 496,072 Intersegment revenue 28,248 14,835 61,026 36,042 Elimination of intersegment revenue (28,248 ) (14,835 ) (61,026 ) (36,042 ) Total consolidated revenue $ 157,185 $ 184,617 $ 526,447 $ 496,072 Operating income: Operating income $ 43,970 $ 48,223 $ 156,618 $ 150,653 Interest income 255 266 861 831 Interest expense, net (11,692 ) (17,137 ) (41,155 ) (51,561 ) Derivatives and foreign currency transaction gains (losses) (1,001 ) (222 ) 2,040 (2,592 ) Income attributable to sale of tax benefits 3,506 3,463 14,019 12,380 Other non-operating expense, net (1,592 ) (5,546 ) (1,678 ) (5,306 ) Total consolidated income before income taxes and equity in losses of investees $ 33,446 $ 29,047 $ 130,705 $ 104,405 |
Note 1 - General and Basis of27
Note 1 - General and Basis of Presentation (Details Textual) shares in Millions | Sep. 26, 2017MWh | Jul. 26, 2017shares | Jul. 10, 2017USD ($) | Mar. 15, 2017USD ($) | Dec. 29, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017MWh$ / MWh | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Repayments of Secured Debt | $ 14,270,000 | $ 6,815,000 | |||||||||||
Repayments of Long-term Debt | 55,226,000 | 40,997,000 | |||||||||||
Payments to Acquire Additional Interest in Subsidiaries | 2,357,000 | ||||||||||||
Goodwill | $ 20,667,000 | $ 20,667,000 | 20,667,000 | $ 6,650,000 | |||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 2,000 | $ 2,000 | 5,000 | 7,000 | |||||||||
Interest Expense | 11,692,000 | 17,137,000 | 41,155,000 | 51,561,000 | |||||||||
Income Tax Expense (Benefit) | 11,003,000 | 11,988,000 | 28,258,000 | 29,387,000 | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (5,634,000) | (5,634,000) | (5,634,000) | (7,732,000) | |||||||||
Exploration Abandonment and Impairment Expense | 0 | 1,294,000 | 0 | 2,714,000 | |||||||||
Cash, Cash Equivalents, and Short-term Investments | 77,212,000 | 77,212,000 | $ 90,066,000 | 77,212,000 | $ 90,066,000 | 230,214,000 | $ 185,919,000 | ||||||
Accounts Receivable, Net, Current | 98,384,000 | $ 98,384,000 | 98,384,000 | $ 80,807,000 | |||||||||
Provision for Doubtful Accounts | $ 0 | ||||||||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Primary Customers [Member] | |||||||||||||
Concentration Risk, Percentage | 48.00% | 60.00% | |||||||||||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Sierra Pacific Power Company And Nevada Power Company [Member] | |||||||||||||
Concentration Risk, Percentage | 16.30% | 14.40% | 17.40% | 18.60% | |||||||||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Kenya Power And Lighting Co LTD [Member] | |||||||||||||
Concentration Risk, Percentage | 17.60% | 15.10% | 15.70% | 16.40% | |||||||||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Southern California Public Power Authority [Member] | |||||||||||||
Concentration Risk, Percentage | 9.10% | 7.70% | 8.90% | 9.90% | |||||||||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Hyundai (Sarulla Goethermal Power Project) [Member] | |||||||||||||
Concentration Risk, Percentage | 0.90% | 24.00% | 4.70% | 14.00% | |||||||||
UNITED STATES | |||||||||||||
Cash, Cash Equivalents, and Short-term Investments | 23,900,000 | $ 23,900,000 | $ 23,900,000 | $ 72,500,000 | |||||||||
Foreign Countries [Member] | |||||||||||||
Cash, Cash Equivalents, and Short-term Investments | 56,000,000 | 56,000,000 | 56,000,000 | 166,200,000 | |||||||||
Accounts Receivable, Net, Current | 67,500,000 | 67,500,000 | 67,500,000 | 53,300,000 | |||||||||
Other Comprehensive Income (Loss) [Member] | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (600,000) | (600,000) | (600,000) | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||||
Interest Expense | (6,000) | $ (3,000) | (9,000) | $ (11,000) | |||||||||
Income Tax Expense (Benefit) | (4,000) | $ (1,000) | (4,000) | $ (4,000) | |||||||||
Viridity Energy, Inc. [Member] | |||||||||||||
Business Combination, Consideration Transferred | $ 35,300,000 | ||||||||||||
Business Combination, Contingent Consideration, Liability | $ 12,800,000 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 34,700,000 | ||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 17 years | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Working Capital | $ 400,000 | ||||||||||||
Goodwill | $ 13,900,000 | ||||||||||||
Maximum [Member] | |||||||||||||
Cash, FDIC Insured Amount | 250,000 | $ 250,000 | 250,000 | $ 250,000 | |||||||||
Ormat Nevada ORTP LLC [Member] | ORTP Transaction [Member] | |||||||||||||
Payments to Acquire Additional Interest in Subsidiaries | $ 2,400,000 | ||||||||||||
Ormat Funding Corp [Member] | |||||||||||||
Repayments of Secured Debt | 14,300,000 | ||||||||||||
Gain (Loss) on Extinguishment of Debt | 1,500,000 | ||||||||||||
Amortization of Debt Issuance Costs | 200,000 | ||||||||||||
DEG [Member] | |||||||||||||
Gain (Loss) on Extinguishment of Debt | 500,000 | ||||||||||||
Amortization of Debt Issuance Costs | $ 400,000 | ||||||||||||
Repayments of Long-term Debt | $ 11,800,000 | ||||||||||||
ORIX Corporation [Member] | |||||||||||||
Number of Shares Purchased by Investor | shares | 11 | ||||||||||||
Percentage Ownership in Company Purchased by Investor | 22.00% | ||||||||||||
Voting Rights, Number of Directors Designated | 3 | ||||||||||||
Number of Directors after Acquisition Transaction | 9 | ||||||||||||
Voting Rights, Effective Rate Cap | 25.00% | ||||||||||||
Southern California Public Power Authority [Member] | Ormat Nevada ORTP LLC [Member] | Minimum [Member] | |||||||||||||
Expected Power Generating Capacity | MWh | 135 | ||||||||||||
Southern California Public Power Authority [Member] | Ormat Nevada ORTP LLC [Member] | Maximum [Member] | |||||||||||||
Expected Power Generating Capacity | MWh | 185 | ||||||||||||
Southern California Public Power Authority [Member] | ONGP, LLC [Member] | |||||||||||||
Expected Power Generating Capacity | MWh | 150 | ||||||||||||
Power Plant Usage Agreement Term | 5 years | ||||||||||||
Power Purchase Agreements Term | 26 years | ||||||||||||
Power Purchase Agreements, Number of Power Plants Portfolio | 9 | ||||||||||||
Power Purchase Agreements, Fixed Price Per MWh | $ / MWh | 75.5 | ||||||||||||
Geotermica Plantares [Member] | |||||||||||||
Expected Power Generating Capacity | MWh | 35 | ||||||||||||
Power Plant Usage Agreement Term | 15 years | ||||||||||||
Geotermica Plantares [Member] | ENEE [Member] | |||||||||||||
Power Purchase Agreements Term | 30 years |
Note 3 - Inventories - Inventor
Note 3 - Inventories - Inventories, Current (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Raw materials and purchased parts for assembly | $ 9,461 | $ 5,429 |
Self-manufactured assembly parts and finished products | 9,224 | 6,571 |
Total | $ 18,685 | $ 12,000 |
Note 4 - Unconsolidated Inves29
Note 4 - Unconsolidated Investments (Details Textual) $ in Thousands | Jun. 04, 2014USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)MWh | Sep. 30, 2016USD ($) | Dec. 31, 2014USD ($) | May 23, 2014USD ($) | May 16, 2014USD ($) |
Number of Commercial Lenders in Funding Consortium | 6 | |||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | $ 618 | $ 1,337 | $ 271 | $ (3,829) | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 22,780 | 14,406 | $ 100,757 | 70,284 | ||||
Intersegment Eliminations [Member] | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 14,100 | |||||||
Sarulla [Member] | Lenders Consortium [Member] | ||||||||
Senior Notes | $ 1,170,000 | |||||||
Sarulla [Member] | ||||||||
Jointly Owned Utility Plant, Proportionate Ownership Share | 12.75% | 12.75% | ||||||
Expected Power Generating Capacity | MWh | 330 | |||||||
Power Plant Usage Agreement Term | 30 years | |||||||
Number Of Phases Of Construction | 3 | |||||||
Power Utilization | MWh | 110 | |||||||
Percentage of Required Production Capacity | 100.00% | 100.00% | ||||||
Percentage of Required Injection Capacity | 85.00% | 85.00% | ||||||
Supply Commitment, Remaining Minimum Amount Committed | $ 255,600 | |||||||
Payments to Acquire Projects | $ 10,500 | $ 37,900 | ||||||
Accumulated Cash Contributions to Acquire Projects | 49,800 | 49,800 | ||||||
Sarulla [Member] | Interest Rate Swap [Member] | ||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 600 | 1,300 | (300) | 3,800 | ||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 5,600 | 5,600 | ||||||
Sarulla [Member] | Interest Rate Swap [Member] | Sarulla Project Company [Member] | ||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | $ 4,800 | $ 10,500 | $ 2,100 | $ (30,000) | ||||
Sarulla [Member] | Lenders Consortium [Member] | Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.4565% | |||||||
Sarulla [Member] | Lenders Consortium [Member] | Subject to Fixed Interest Rate [Member] | ||||||||
Senior Notes | $ 100,000 | |||||||
Sarulla [Member] | Lenders Consortium [Member] | Subject to Fixed LIBOR Interest Rate [Member] | ||||||||
Senior Notes | $ 1,070,000 | |||||||
Sarulla [Member] | Lenders Consortium [Member] | Subject to Fixed LIBOR Interest Rate [Member] | Interest Rate Swap [Member] | ||||||||
Senior Notes | $ 960,000 |
Note 4 - Unconsolidated Inves30
Note 4 - Unconsolidated Investments - Unconsolidated Investments Mainly in Power Plants (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Sarulla | $ (6,481) | $ (4,772) |
Sarulla [Member] | ||
Sarulla | $ 25,367 | $ (11,081) |
Note 5 - Fair Value of Financ31
Note 5 - Fair Value of Financial Instruments (Details Textual) BTU in Millions, $ in Millions | Jan. 12, 2017USD ($)BTU$ / item | Feb. 24, 2016USD ($)Boe$ / item | Feb. 02, 2016USD ($)BTU$ / item | Mar. 31, 2016Boe$ / item | Feb. 28, 2016$ / item |
Derivative, Number of Options Rolled | 2 | ||||
Henry Hub Natural Gas Future ("NG") Contracts [Member] | Put Option [Member] | |||||
Derivative, Nonmonetary Notional Amount, Energy Measure | BTU | 4.1 | ||||
Derivative, Price Risk Option Strike Price | 3 | ||||
Payments for Derivative Instrument, Investing Activities | $ | $ 0.7 | ||||
Henry Hub Natural Gas Future ("NG") Contracts [Member] | Call Option [Member] | |||||
Derivative, Nonmonetary Notional Amount, Energy Measure | BTU | 4.1 | ||||
Derivative, Price Risk Option Strike Price | 2 | ||||
Proceeds from Derivative Instrument, Investing Activities | $ | $ 1.9 | ||||
Brent Oil Future Contracts [Member] | |||||
Derivative, Nonmonetary Notional Amount, Energy Measure | Boe | 185,000 | ||||
Brent Oil Future Contracts [Member] | Minimum [Member] | |||||
Derivative, Price Risk Option Strike Price | 32.8 | ||||
Brent Oil Future Contracts [Member] | Maximum [Member] | |||||
Derivative, Price Risk Option Strike Price | 35.5 | ||||
Brent Oil Future Contracts [Member] | Call Option [Member] | |||||
Proceeds from Derivative Instrument, Investing Activities | $ | $ 1.1 | ||||
Rolled Two Existing Options [Member] | |||||
Derivative, Nonmonetary Notional Amount, Energy Measure | Boe | 31,800 | ||||
Rolled Two Existing Options [Member] | Minimum [Member] | |||||
Derivative, Price Risk Option Strike Price | 41 | ||||
Rolled Two Existing Options [Member] | Maximum [Member] | |||||
Derivative, Price Risk Option Strike Price | 42.5 | ||||
Before Rolling Two Existing Options [Member] | Minimum [Member] | |||||
Derivative, Price Risk Option Strike Price | 32.8 | ||||
Before Rolling Two Existing Options [Member] | Maximum [Member] | |||||
Derivative, Price Risk Option Strike Price | 33.5 | ||||
Short Risk Reversal Transactions, Rolling Existing Call Option 1 [Member] | |||||
Derivative, Nonmonetary Notional Amount, Energy Measure | Boe | 16,500 | ||||
Short Risk Reversal Transactions, Rolling Existing Call Option 1 [Member] | Minimum [Member] | |||||
Derivative, Price Risk Option Strike Price | 28.5 | ||||
Short Risk Reversal Transactions, Rolling Existing Call Option 1 [Member] | Maximum [Member] | |||||
Derivative, Price Risk Option Strike Price | 37.5 | ||||
Short Risk Reversal Transactions, Rolling Existing Call Option 2 [Member] | |||||
Derivative, Nonmonetary Notional Amount, Energy Measure | Boe | 17,000 | ||||
Short Risk Reversal Transactions, Rolling Existing Call Option 2 [Member] | Minimum [Member] | |||||
Derivative, Price Risk Option Strike Price | 28 | ||||
Short Risk Reversal Transactions, Rolling Existing Call Option 2 [Member] | Maximum [Member] | |||||
Derivative, Price Risk Option Strike Price | 38.5 |
Note 5 - Fair Value of Financ32
Note 5 - Fair Value of Financial Instruments - Financial Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | |
Reported Value Measurement [Member] | |||
Cash equivalents (including restricted cash accounts) | $ 13,497 | $ 14,922 | |
(14,836) | 874 | ||
Reported Value Measurement [Member] | Put Options on Natural Gas Price [Member] | |||
Derivative Asset, Current | [1] | 61 | |
Reported Value Measurement [Member] | Contingent Receivable [Member] | |||
Derivative Asset, Current | [2] | 1,125 | 1,443 |
Reported Value Measurement [Member] | Contingent Payable [Member] | |||
Derivative Liability, Current | [2] | (25,913) | (11,581) |
Reported Value Measurement [Member] | Currency Forward Contracts [Member] | |||
Derivative Asset, Current | [3] | 486 | |
Derivative Liability, Current | [3] | (203) | (481) |
Reported Value Measurement [Member] | Warrant [Member] | |||
Derivative Liability, Current | [2] | (3,889) | (3,429) |
Estimate of Fair Value Measurement [Member] | |||
Cash equivalents (including restricted cash accounts) | 13,497 | 14,922 | |
(14,836) | 874 | ||
Estimate of Fair Value Measurement [Member] | Put Options on Natural Gas Price [Member] | |||
Derivative Asset, Current | [1] | 61 | |
Estimate of Fair Value Measurement [Member] | Contingent Receivable [Member] | |||
Derivative Asset, Current | [2] | 1,125 | 1,443 |
Estimate of Fair Value Measurement [Member] | Contingent Payable [Member] | |||
Derivative Liability, Current | [2] | (25,913) | (11,581) |
Estimate of Fair Value Measurement [Member] | Currency Forward Contracts [Member] | |||
Derivative Asset, Current | [3] | 486 | |
Derivative Liability, Current | [3] | (203) | (481) |
Estimate of Fair Value Measurement [Member] | Warrant [Member] | |||
Derivative Liability, Current | [2] | (3,889) | (3,429) |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash equivalents (including restricted cash accounts) | 13,497 | 14,922 | |
13,497 | 14,922 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Put Options on Natural Gas Price [Member] | |||
Derivative Asset, Current | [1] | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Contingent Receivable [Member] | |||
Derivative Asset, Current | [2] | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Contingent Payable [Member] | |||
Derivative Liability, Current | [2] | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Currency Forward Contracts [Member] | |||
Derivative Asset, Current | [3] | ||
Derivative Liability, Current | [3] | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Warrant [Member] | |||
Derivative Liability, Current | [2] | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Cash equivalents (including restricted cash accounts) | |||
344 | (481) | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Put Options on Natural Gas Price [Member] | |||
Derivative Asset, Current | [1] | 61 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Contingent Receivable [Member] | |||
Derivative Asset, Current | [2] | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Contingent Payable [Member] | |||
Derivative Liability, Current | [2] | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Currency Forward Contracts [Member] | |||
Derivative Asset, Current | [3] | 486 | |
Derivative Liability, Current | [3] | (203) | (481) |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Warrant [Member] | |||
Derivative Liability, Current | [2] | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Cash equivalents (including restricted cash accounts) | |||
(28,677) | (13,567) | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Put Options on Natural Gas Price [Member] | |||
Derivative Asset, Current | [1] | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Receivable [Member] | |||
Derivative Asset, Current | [2] | 1,125 | 1,443 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Payable [Member] | |||
Derivative Liability, Current | [2] | (25,913) | (11,581) |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Currency Forward Contracts [Member] | |||
Derivative Asset, Current | [3] | ||
Derivative Liability, Current | [3] | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Warrant [Member] | |||
Derivative Liability, Current | [2] | $ (3,889) | $ (3,429) |
[1] | These amounts relate to natural gas put options, valued primarily based on observable inputs, including spot prices on related commodity indices, and are included within Prepaid expenses and other on September 30, 2017 in the consolidated balance sheets with the corresponding gain or loss being recognized within Derivatives and foreign currency transaction gains (losses) in the consolidated statement of operations and comprehensive income. | ||
[2] | These amounts relate to contingent receivables and payables relating to the Viridity acquisition and Guadeloupe power plant purchase transaction, valued primarily based on unobservable inputs and are included within Prepaid expenses and other, Accounts payable and accrued expenses and Other long-term liabilities on September 30, 2017 and within Prepaid expenses and other and Other long-term liabilities on December 31, 2016 in the consolidated balance sheets with the corresponding gain or loss being recognized within Derivatives and foreign currency transaction gains (losses) in the consolidated statement of operations and comprehensive income. | ||
[3] | These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within Prepaid expenses and other and Accounts payable and accrued expenses on September 30, 2017 and December 31, 2016, in the consolidated balance sheet with the corresponding gain or loss being recognized within Derivatives and foreign currency transaction gains (losses) in the consolidated statement of operations and comprehensive income. |
Note 5 - Fair Value of Financ33
Note 5 - Fair Value of Financial Instruments - Amounts of Gain (Loss) Recognized in Condensed Consolidated Statements on Derivative Instruments Not Designated as Hedges (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Amount of gain (loss) recognized | $ (1,027) | $ 951 | $ 2,356 | $ (1,272) |
Foreign Currency Gain (Loss) [Member] | Put Options on Natural Gas Price [Member] | ||||
Amount of gain (loss) recognized | (121) | (362) | ||
Foreign Currency Gain (Loss) [Member] | Call Option on Natural Gas Price [Member] | ||||
Amount of gain (loss) recognized | 32 | (1,114) | ||
Foreign Currency Gain (Loss) [Member] | Call and Put Options on Oil Price [Member] | ||||
Amount of gain (loss) recognized | 230 | (1,312) | ||
Foreign Currency Gain (Loss) [Member] | Contingent Considerations [Member] | ||||
Amount of gain (loss) recognized | (19) | (114) | ||
Foreign Currency Gain (Loss) [Member] | Currency Forward Contracts [Member] | ||||
Amount of gain (loss) recognized | $ (887) | $ 689 | $ 2,832 | $ 1,154 |
Note 5 - Fair Value of Financ34
Note 5 - Fair Value of Financial Instruments - Fair Value of Long-term Debt Approximates Its Carrying Amount, Exceptions (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Estimate of Fair Value Measurement [Member] | ||
Other long-term debt | $ 7.3 | $ 10.4 |
Reported Value Measurement [Member] | ||
Other long-term debt | 8 | 11.2 |
Olkaria III DEG [Member] | ||
Loans | 16.3 | |
Olkaria III DEG [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 16.3 | |
Olkaria III DEG [Member] | Reported Value Measurement [Member] | ||
Loans | 15.8 | |
Olkaria III OPIC [Member] | ||
Loans | 242.9 | 253.4 |
Olkaria III OPIC [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 242.9 | 253.4 |
Olkaria III OPIC [Member] | Reported Value Measurement [Member] | ||
Loans | 233.1 | 246.6 |
Olkaria IV Loan - DEG 2 [Member] | ||
Loans | 52.4 | 50.9 |
Olkaria IV Loan - DEG 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 52.4 | 50.9 |
Olkaria IV Loan - DEG 2 [Member] | Reported Value Measurement [Member] | ||
Loans | 50 | 50 |
Amatitlan Loan [Member] | ||
Loans | 34.2 | 37.3 |
Amatitlan Loan [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans | 34.2 | 37.3 |
Amatitlan Loan [Member] | Reported Value Measurement [Member] | ||
Loans | 34.1 | 36.8 |
Ormat Funding Corp [Member] | ||
Notes | 17 | |
Ormat Funding Corp [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 17 | |
Ormat Funding Corp [Member] | Reported Value Measurement [Member] | ||
Notes | 17 | |
OrCal Geothermal Inc [Member] | ||
Notes | 34.1 | 37.4 |
OrCal Geothermal Inc [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 34.1 | 37.4 |
OrCal Geothermal Inc [Member] | Reported Value Measurement [Member] | ||
Notes | 32.1 | 35.2 |
OFC Two Senior Secured Notes [Member] | ||
Notes | 242.5 | 249 |
OFC Two Senior Secured Notes [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 242.5 | 249 |
OFC Two Senior Secured Notes [Member] | Reported Value Measurement [Member] | ||
Notes | 236.6 | 247.2 |
Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 88.2 | 88.9 |
Don A. Campbell 1 ("DAC1") [Member] | Estimate of Fair Value Measurement [Member] | ||
Notes | 88.2 | 88.9 |
Don A. Campbell 1 ("DAC1") [Member] | Reported Value Measurement [Member] | ||
Notes | 89.6 | 92.4 |
Senior Unsecured Bonds [Member] | ||
Notes | 200.1 | |
Senior Unsecured Bonds | 201.4 | |
Senior Unsecured Bonds [Member] | Estimate of Fair Value Measurement [Member] | ||
Senior Unsecured Bonds | 201.4 | 200.1 |
Senior Unsecured Bonds [Member] | Reported Value Measurement [Member] | ||
Senior Unsecured Bonds | $ 204.3 | $ 204.3 |
Note 5 - Fair Value of Financ35
Note 5 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Revolving lines of credit | $ 33.9 | |
Deposits | 15.2 | |
Deposits | $ 14.4 | |
Fair Value, Inputs, Level 1 [Member] | ||
Revolving lines of credit | ||
Deposits | 15.2 | |
Deposits | 14.4 | |
Fair Value, Inputs, Level 2 [Member] | ||
Revolving lines of credit | 33.9 | |
Deposits | ||
Deposits | ||
Fair Value, Inputs, Level 3 [Member] | ||
Revolving lines of credit | ||
Deposits | ||
Deposits | ||
Olkaria III OPIC [Member] | ||
Loans | 242.9 | 253.4 |
Olkaria III OPIC [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Loans | ||
Olkaria III OPIC [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Loans | ||
Olkaria III OPIC [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans | 242.9 | 253.4 |
Olkaria III DEG [Member] | ||
Loans | 16.3 | |
Olkaria III DEG [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Loans | ||
Olkaria III DEG [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Loans | ||
Olkaria III DEG [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans | 16.3 | |
Olkaria IV Loan - DEG 2 [Member] | ||
Loans | 52.4 | 50.9 |
Olkaria IV Loan - DEG 2 [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Loans | ||
Olkaria IV Loan - DEG 2 [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Loans | ||
Olkaria IV Loan - DEG 2 [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans | 52.4 | 50.9 |
Amatitlan Loan [Member] | ||
Loans | 34.2 | 37.3 |
Amatitlan Loan [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Loans | ||
Amatitlan Loan [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Loans | 34.2 | 37.3 |
Amatitlan Loan [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans | ||
OrCal Geothermal Inc [Member] | ||
Notes | 34.1 | 37.4 |
OrCal Geothermal Inc [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Notes | ||
OrCal Geothermal Inc [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Notes | ||
OrCal Geothermal Inc [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Notes | 34.1 | 37.4 |
OFC Two Senior Secured Notes [Member] | ||
Notes | 242.5 | 249 |
OFC Two Senior Secured Notes [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Notes | ||
OFC Two Senior Secured Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Notes | ||
OFC Two Senior Secured Notes [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Notes | 242.5 | 249 |
Ormat Funding Corp [Member] | ||
Notes | 17 | |
Ormat Funding Corp [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Notes | ||
Ormat Funding Corp [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Notes | 17 | |
Ormat Funding Corp [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Notes | ||
Don A. Campbell 1 ("DAC1") [Member] | ||
Notes | 88.2 | 88.9 |
Don A. Campbell 1 ("DAC1") [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Notes | ||
Don A. Campbell 1 ("DAC1") [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Notes | ||
Don A. Campbell 1 ("DAC1") [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Notes | 88.2 | 88.9 |
Senior Unsecured Bonds [Member] | ||
Notes | 200.1 | |
Senior Unsecured Bonds | 201.4 | |
Senior Unsecured Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Notes | ||
Senior Unsecured Bonds | ||
Senior Unsecured Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Notes | ||
Senior Unsecured Bonds | ||
Senior Unsecured Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Notes | 200.1 | |
Senior Unsecured Bonds | 201.4 | |
Other Long-term Debt [Member] | ||
Other long-term debt | 7.3 | 10.4 |
Other Long-term Debt [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Other long-term debt | ||
Other Long-term Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Other long-term debt | 3.3 | |
Other Long-term Debt [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Other long-term debt | $ 7.3 | $ 7.1 |
Note 6 - Stock-based Compensa36
Note 6 - Stock-based Compensation (Details Textual) - shares | 1 Months Ended | 12 Months Ended |
May 31, 2012 | Dec. 31, 2004 | |
2004 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,750,000 | |
2004 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-based Compensation Award, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |
2004 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-based Compensation Award, Tranche Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
2004 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-based Compensation Award, Tranche Three [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |
2004 Stock Incentive Plan [Member] | Employee Stock Option [Member] | Non Employee Director [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |
2012 Stock Incentive Plan [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 6 years | |
2012 Stock Incentive Plan [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |
2012 Stock Incentive Plan [Member] | Officer [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 400,000 | |
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,000,000 | |
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-based Compensation Award, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-based Compensation Award, Tranche Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-based Compensation Award, Tranche Three [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |
2012 Stock Incentive Plan [Member] | Employee Stock Option [Member] | Non Employee Director [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year |
Note 7 - Interest Expense, Ne37
Note 7 - Interest Expense, Net - Components of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Interest related to sale of tax benefits | $ 1,607 | $ 2,565 | $ 5,468 | $ 6,269 |
Interest expense | 13,299 | 15,726 | 41,620 | 47,214 |
Less — amount capitalized | (3,214) | (1,154) | (5,933) | (1,922) |
Interest Expense | $ 11,692 | $ 17,137 | $ 41,155 | $ 51,561 |
Note 8 - Earnings Per Share (De
Note 8 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 8,851 | 225,191 | 6,494 | 116,641 |
Note 8 - Earnings Per Share - S
Note 8 - Earnings Per Share - Shares Used to Calculate Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Weighted average number of shares used in computation of basic earnings per share (in shares) | 50,367 | 49,599 | 49,942 | 49,410 |
Additional shares from the assumed exercise of employee stock options (in shares) | 500 | 690 | 727 | 687 |
Weighted average number of shares used in computation of diluted earnings per share (in shares) | 50,867 | 50,289 | 50,669 | 50,097 |
Note 9 - Business Segments (Det
Note 9 - Business Segments (Details Textual) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | |
Number of Reportable Segments | 2 | |
Goodwill | $ 20,667 | $ 6,650 |
Electricity [Member] | ||
Goodwill | $ 20,700 |
Note 9 - Business Segments - Su
Note 9 - Business Segments - Summarized Financial Information Concerning Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |||
Net revenues | $ 157,185 | $ 184,617 | $ 526,447 | $ 496,072 | |||
Operating income | 43,970 | 48,223 | 156,618 | 150,653 | |||
Segment assets at period end | 2,503,738 | [1] | 2,279,271 | 2,503,738 | [1] | 2,279,271 | $ 2,461,569 |
Intersegment Eliminations [Member] | |||||||
Net revenues | 28,248 | 14,835 | 61,026 | 36,042 | |||
Electricity [Member] | |||||||
Net revenues | 112,273 | 109,795 | 339,826 | 321,664 | |||
Operating income | 36,205 | 23,903 | 113,220 | 91,502 | |||
Segment assets at period end | 2,371,855 | [1] | 2,137,845 | 2,371,855 | [1] | 2,137,845 | |
Electricity [Member] | Intersegment Eliminations [Member] | |||||||
Net revenues | |||||||
Product Segment [Member] | |||||||
Net revenues | 44,912 | 74,822 | 186,621 | 174,408 | |||
Operating income | 7,765 | 24,320 | 43,398 | 59,151 | |||
Segment assets at period end | 131,883 | [1] | 141,426 | 131,883 | [1] | 141,426 | |
Product Segment [Member] | Intersegment Eliminations [Member] | |||||||
Net revenues | $ 28,248 | $ 14,835 | $ 61,026 | $ 36,042 | |||
[1] | Electricity segment assets include goodwill in the amount of $20.7 million |
Note 9 - Business Segments - Re
Note 9 - Business Segments - Reconciling Information Between Reportable Segments and Consolidated Totals (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues | $ 157,185 | $ 184,617 | $ 526,447 | $ 496,072 |
Operating income | 43,970 | 48,223 | 156,618 | 150,653 |
Interest income | 255 | 266 | 861 | 831 |
Interest expense, net | (11,692) | (17,137) | (41,155) | (51,561) |
Derivatives and foreign currency transaction gains (losses) | (1,001) | (222) | 2,040 | (2,592) |
Income attributable to sale of tax benefits | 3,506 | 3,463 | 14,019 | 12,380 |
Other non-operating expense, net | (1,592) | (5,546) | (1,678) | (5,306) |
Total consolidated income before income taxes and equity in losses of investees | 33,446 | 29,047 | 130,705 | 104,405 |
Intersegment Eliminations [Member] | ||||
Revenues | 28,248 | 14,835 | 61,026 | 36,042 |
Consolidation, Eliminations [Member] | ||||
Revenues | $ (28,248) | $ (14,835) | $ (61,026) | $ (36,042) |
Note 10 - Commitments and Con43
Note 10 - Commitments and Contingencies (Details Textual) - Former Local Sales Representative vs. Ormat [Member] - Pending Litigation [Member] $ in Millions | Mar. 29, 2016USD ($) |
Loss Contingency, Damages Sought, Value | $ 4.8 |
Loss Contingency, Additional Damages Sought for Ormat Geothermal Products Sales in Chile, Percent | 3.75% |
Loss Contingency, Damages Sought, Ormat Geothermal Products Sales in Chile, Period | 10 years |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Millions | Jun. 20, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Mar. 31, 2017 |
Deferred Tax Liabilities, Undistributed Foreign Earnings | $ 111 | $ 111 | $ 111 | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |||||||
Accrued Estimated Foreign Tax Withholdings | 53.9 | 53.9 | $ 53.9 | |||||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 111.1 | 111.1 | 111.1 | $ 109.6 | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (61.5) | |||||||
Deferred Tax Assets, Valuation Allowance | $ 48.1 | 48.1 | $ 48.1 | |||||
Effective Income Tax Rate Reconciliation, Percent | 32.90% | 41.30% | 21.60% | 28.10% | ||||
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount | $ 0.6 | 2.3 | $ 2.4 | |||||
Undistributed Earnings of Foreign Subsidiaries | $ 367 | |||||||
Investment Tax Credit Carryforward [Member] | ||||||||
Deferred Tax Assets, Investments | $ 0.7 | |||||||
Tax Credit Carryforward Expiration Period | 20 years | |||||||
General Business Tax Credit Carryforward [Member] | ||||||||
Tax Credit Carryforward Expiration Period | 20 years | |||||||
Minimum [Member] | Investment Tax Credit Carryforward [Member] | ||||||||
Tax Credit Carryforward Expiration Year | 2,022 | |||||||
Minimum [Member] | General Business Tax Credit Carryforward [Member] | ||||||||
Tax Credit Carryforward Expiration Year | 2,026 | |||||||
Maximum [Member] | Investment Tax Credit Carryforward [Member] | ||||||||
Tax Credit Carryforward Expiration Year | 2,024 | |||||||
Maximum [Member] | General Business Tax Credit Carryforward [Member] | ||||||||
Tax Credit Carryforward Expiration Year | 2,036 | |||||||
Deferred Tax Assets, Tax Credit Carryforwards, General Business | $ 82.5 | |||||||
Domestic Tax Authority [Member] | ||||||||
Operating Loss Carryforwards | $ 299.6 | |||||||
Domestic Tax Authority [Member] | Minimum [Member] | ||||||||
Tax Credit Carryforward Expiration Year | 2,029 | |||||||
Domestic Tax Authority [Member] | Maximum [Member] | ||||||||
Tax Credit Carryforward Expiration Year | 2,036 | |||||||
State and Local Jurisdiction [Member] | ||||||||
Operating Loss Carryforwards | $ 244.7 | |||||||
State and Local Jurisdiction [Member] | Minimum [Member] | ||||||||
Tax Credit Carryforward Expiration Year | 2,018 | |||||||
State and Local Jurisdiction [Member] | Maximum [Member] | ||||||||
Tax Credit Carryforward Expiration Year | 2,036 | |||||||
Foreign Tax Authority [Member] | Kenya Revenue Authority [Member] | ||||||||
Income Tax Examination, Penalties Paid | $ 2.6 | |||||||
Investment Deduction Percentage | 150.00% | |||||||
Income Tax Examination, Interest Expense | $ 1.2 | |||||||
ISRAEL | ||||||||
National Corporate Tax Rate | 16.00% | |||||||
KENYA | ||||||||
National Corporate Tax Rate | 37.50% | |||||||
U.S. Foreign Tax Credits [Member] | ||||||||
Deferred Tax Assets, Valuation Allowance | 47 | 47 | $ 47 | |||||
Current Year Projected Activity [Member] | ||||||||
Deferred Tax Assets, Valuation Allowance | $ 1.1 | $ 1.1 | $ 1.1 |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Nov. 07, 2017 | Oct. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 |
Dividends, Common Stock | $ 16,612 | $ 22,469 | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.08 | $ 0.07 | $ 0.33 | $ 0.45 | ||
Payments to Acquire Additional Interest in Subsidiaries | $ 2,357 | |||||
Subsequent Event [Member] | ||||||
Dividends, Common Stock | $ 4,000 | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.08 | |||||
Subsequent Event [Member] | Ormat Nevada, OPC LLC [Member] | OPC Transaction [Member] | ||||||
Payments to Acquire Additional Interest in Subsidiaries | $ 1,900 |